Hotchkis & Wiley Capital Management LLC Lowers Stock Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Hotchkis & Wiley Capital Management LLC has reduced its stake in First Citizens BancShares by 1.2%, now holding 43,589 shares valued at approximately $80.8 million.
• Several institutional investors increased their holdings in First Citizens BancShares during the first quarter, with Allstate Corp raising its stake by 56.9%.
• First Citizens BancShares recently reported quarterly earnings of $44.78 EPS, exceeding estimates, alongside a dividend of $1.95 payable in September.

Hotchkis & Wiley Capital Management LLC lowered its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 1.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,589 shares of the bank's stock after selling 525 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned 0.32% of First Citizens BancShares worth $80,819,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FCNCA. MassMutual Private Wealth & Trust FSB boosted its holdings in First Citizens BancShares by 54.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after purchasing an additional 6 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of First Citizens BancShares during the 1st quarter valued at $35,000. Community Bank N.A. purchased a new stake in shares of First Citizens BancShares in the 1st quarter worth $44,000. Wayfinding Financial LLC bought a new position in First Citizens BancShares in the 1st quarter worth $64,000. Finally, Brooklyn Investment Group raised its holdings in First Citizens BancShares by 32.1% in the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock worth $67,000 after purchasing an additional 9 shares during the period. Hedge funds and other institutional investors own 78.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. UBS Group reaffirmed a "buy" rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. Citigroup raised their price objective on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Wall Street Zen downgraded shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. JPMorgan Chase & Co. raised their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Piper Sandler set a $2,150.00 price objective on shares of First Citizens BancShares and gave the company a "neutral" rating in a research report on Monday, July 28th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, First Citizens BancShares presently has an average rating of "Moderate Buy" and an average price target of $2,291.17.

First Citizens BancShares Trading Up 1.5%

Shares of FCNCA stock traded up $29.84 during trading hours on Tuesday, reaching $1,998.32. 103,732 shares of the stock were exchanged, compared to its average volume of 145,678. The firm has a market capitalization of $25.82 billion, a price-to-earnings ratio of 11.34 and a beta of 0.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The company's 50-day moving average price is $1,989.04 and its 200-day moving average price is $1,900.27.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.08 by $5.70. The company had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's payout ratio is 4.60%.

Insider Buying and Selling at First Citizens BancShares

In related news, insider Hope Holding Bryant acquired 409 shares of the stock in a transaction on Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the transaction, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. This represents a 30.18% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Frank B. Holding, Jr. purchased 600 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The stock was acquired at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the acquisition, the chief executive officer owned 32,300 shares in the company, valued at approximately $54,869,625. This represents a 1.89% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 1,494 shares of company stock valued at $2,485,986 in the last three months. Company insiders own 13.19% of the company's stock.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.